Novak Limited reported profit of $468,280 for its November 30, 2021, year end. Cash dividends of $62,200 on the common shares and $64,400 on the noncumulative preferred shares were declared and paid during the year. The following information is available regarding Novak's common shares: The opening number of common shares was 69,600. Dec. 1, 2020 Feb. 28, 2021 Sold 9,200 common shares for $147,200 cash. May 31, 2021 Reacquired 4,600 common shares for $64,400 cash. Nov. 1, 2021 Issued 13,800 common shares in exchange for land with a fair value of $340,000.